Recent figures released by the Central Statistics Office may have shown a slowdown in the rate of inflation, but one stand out stat was that motor insurance premiums have risen again for the ninth month in a row. 

The cost of motor insurance was 7.4% higher in May compared to the same month last year. Insurers blame a rise in the number of claims and increasing payout costs. 

Motorists were also badly hit the pocket when it comes to fuel, with petrol 14.5% up on 2023 and diesel up 17.5%. 

The rise in premium costs is often attributed to increased repair costs by insurance companies, although this actually accounts for a relatively small element of the over all premium. Personal injury claims, increased administration fees and insurance company operating costs make up the main elements.